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U.S. Code as of:
01/19/04
Section 1706. Savings provisions
(a) Termination of national emergencies pursuant to National
Emergencies Act
(1) Except as provided in subsection (b) of this section,
notwithstanding the termination pursuant to the National
Emergencies Act [50 U.S.C. 1601 et seq.] of a national emergency
declared for purposes of this chapter, any authorities granted by
this chapter, which are exercised on the date of such termination
on the basis of such national emergency to prohibit transactions
involving property in which a foreign country or national thereof
has any interest, may continue to be so exercised to prohibit
transactions involving that property if the President determines
that the continuation of such prohibition with respect to that
property is necessary on account of claims involving such country
or its nationals.
(2) Notwithstanding the termination of the authorities described
in section 101(b) of this Act, any such authorities, which are
exercised with respect to a country on the date of such termination
to prohibit transactions involving any property in which such
country or any national thereof has any interest, may continue to
be exercised to prohibit transactions involving that property if
the President determines that the continuation of such prohibition
with respect to that property is necessary on account of claims
involving such country or its nationals.
(b) Congressional termination of national emergencies by concurrent
resolution
The authorities described in subsection (a)(1) of this section
may not continue to be exercised under this section if the national
emergency is terminated by the Congress by concurrent resolution
pursuant to section 202 of the National Emergencies Act [50 U.S.C.
1622] and if the Congress specifies in such concurrent resolution
that such authorities may not continue to be exercised under this
section.
(c) Supplemental savings provisions; supersedure of inconsistent
provisions
(1) The provisions of this section are supplemental to the
savings provisions of paragraphs (1), (2), and (3) of section
101(a) [50 U.S.C. 1601(a)(1), (2), (3)] and of paragraphs (A), (B),
and (C) of section 202(a) [50 U.S.C. 1622(a)(A), (B), and (C)] of
the National Emergencies Act.
(2) The provisions of this section supersede the termination
provisions of section 101(a) [50 U.S.C. 1601(a)] and of title II
[50 U.S.C. 1621 et seq.] of the National Emergencies Act to the
extent that the provisions of this section are inconsistent with
these provisions.
(d) Periodic reports to Congress
If the President uses the authority of this section to continue
prohibitions on transactions involving foreign property interests,
he shall report to the Congress every six months on the use of such
authority.
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